Schedule of Investments
November 30, 2023
(Unaudited)
Shares | Value | |||||||
| ||||||||
Common Stocks & Other Equity Interests–62.65% |
| |||||||
Australia–2.40% |
| |||||||
Dexus | 1,878,071 | $ | 8,773,871 | |||||
| ||||||||
Scentre Group | 3,200,663 | 5,625,273 | ||||||
| ||||||||
14,399,144 | ||||||||
| ||||||||
Belgium–0.54% |
| |||||||
Cofinimmo S.A. | 46,047 | 3,247,063 | ||||||
| ||||||||
Canada–3.75% |
| |||||||
Allied Properties REIT | 192,800 | 2,539,030 | ||||||
| ||||||||
Canadian Apartment Properties REIT | 135,100 | 4,602,729 | ||||||
| ||||||||
RioCan REIT | 575,900 | 7,414,402 | ||||||
| ||||||||
StorageVault Canada, Inc. | 2,320,955 | 7,987,663 | ||||||
| ||||||||
22,543,824 | ||||||||
| ||||||||
Germany–4.05% |
| |||||||
LEG Immobilien SE(a) | 120,578 | 9,207,634 | ||||||
| ||||||||
Sirius Real Estate Ltd. | 1,177,752 | 1,309,313 | ||||||
| ||||||||
Vonovia SE | 497,413 | 13,823,359 | ||||||
| ||||||||
24,340,306 | ||||||||
| ||||||||
Hong Kong–4.03% |
| |||||||
Hang Lung Properties Ltd. | 5,404,000 | 7,261,057 | ||||||
| ||||||||
Link REIT | 1,966,300 | 9,745,407 | ||||||
| ||||||||
Sun Hung Kai Properties Ltd. | 730,000 | 7,175,826 | ||||||
| ||||||||
24,182,290 | ||||||||
| ||||||||
Japan–4.73% |
| |||||||
GLP J-Reit | 12,657 | 11,932,897 | ||||||
| ||||||||
Mitsui Fudosan Co. Ltd. | 556,300 | 13,056,233 | ||||||
| ||||||||
Mitsui Fudosan Logistics Park, Inc. | 1,085 | 3,420,099 | ||||||
| ||||||||
28,409,229 | ||||||||
| ||||||||
Singapore–0.98% |
| |||||||
CapitaLand Investment Ltd. | 2,599,200 | 5,898,433 | ||||||
| ||||||||
United Kingdom–4.77% |
| |||||||
Big Yellow Group PLC | 232,550 | 3,180,720 | ||||||
| ||||||||
Derwent London PLC | 371,426 | 9,905,853 | ||||||
| ||||||||
Safestore Holdings PLC | 619,699 | 5,995,629 | ||||||
| ||||||||
Segro PLC | 933,841 | 9,584,762 | ||||||
| ||||||||
28,666,964 | ||||||||
| ||||||||
United States–37.40% |
| |||||||
Agree Realty Corp. | 182,899 | 10,829,450 | ||||||
| ||||||||
Alexandria Real Estate Equities, Inc.(b) | 165,643 | 18,121,344 | ||||||
| ||||||||
American Tower Corp. | 31,060 | 6,484,707 | ||||||
| ||||||||
Camden Property Trust | 25,402 | 2,292,784 | ||||||
| ||||||||
Crown Castle, Inc. | 39,903 | 4,679,824 | ||||||
| ||||||||
Digital Realty Trust, Inc. | 77,342 | 10,733,523 | ||||||
| ||||||||
Gaming and Leisure Properties, Inc. | 125,168 | 5,849,101 | ||||||
| ||||||||
Healthpeak Properties, Inc. | 1,205,288 | 20,875,588 | ||||||
| ||||||||
Outfront Media, Inc. | 460,179 | 5,627,989 | ||||||
| ||||||||
Prologis, Inc. | 294,019 | 33,791,604 | ||||||
| ||||||||
Public Storage | 82,319 | 21,300,864 | ||||||
| ||||||||
Realty Income Corp. | 96,484 | 5,206,277 | ||||||
|
Shares | Value | |||||||
| ||||||||
United States–(continued) | ||||||||
Rexford Industrial Realty, Inc. | 383,012 | $ | 18,851,851 | |||||
| ||||||||
Sun Communities, Inc. | 147,218 | 19,041,176 | ||||||
| ||||||||
Terreno Realty Corp.(b) | 181,186 | 10,347,532 | ||||||
| ||||||||
UDR, Inc. | 192,250 | 6,421,150 | ||||||
| ||||||||
Ventas, Inc. | 102,318 | 4,690,257 | ||||||
| ||||||||
VICI Properties, Inc. | 650,989 | 19,458,061 | ||||||
| ||||||||
224,603,082 | ||||||||
| ||||||||
Total Common Stocks & Other Equity Interests |
| 376,290,335 | ||||||
| ||||||||
Principal Amount | ||||||||
Asset-Backed Securities–20.37% |
| |||||||
BX Commercial Mortgage Trust, | ||||||||
Series 2021-VOLT, Class D, 7.09% (1 mo. Term SOFR + 1.76%), 09/15/2024(c)(d) | $ | 6,000,000 | 5,750,104 | |||||
| ||||||||
Series 2021-VOLT, Class E, 7.44% (1 mo. Term SOFR + 2.11%), 09/15/2036(c)(d) | 6,495,000 | 6,176,129 | ||||||
| ||||||||
BX Trust, | ||||||||
Series 2021-MFM1, Class E, 7.69% (1 mo. Term SOFR + 2.36%), 01/15/2034(c)(d) | 8,045,749 | 7,678,410 | ||||||
| ||||||||
Series 2019-OC11, Class E, 4.08%, 12/09/2041(c)(e) | 4,000,000 | 3,258,140 | ||||||
| ||||||||
CEDR Commercial Mortgage Trust, | 500,000 | 422,099 | ||||||
| ||||||||
CFK Trust, Series 2019-FAX, Class E, 4.79%, 01/15/2039(c)(e) | 1,000,000 | 832,008 | ||||||
| ||||||||
Citigroup Commercial Mortgage Trust, | ||||||||
Series 2019-SMRT, Class E, 4.90%, 01/10/2036(c)(e) | 2,649,000 | 2,644,598 | ||||||
| ||||||||
Series 2020-420K, Class E, 3.42%, 11/10/2042(c)(e) | 4,586,000 | 3,218,838 | ||||||
| ||||||||
Series 2020-555, Class F, 3.62%, 12/10/2041(c)(e) | 800,000 | 569,615 | ||||||
| ||||||||
Series 2019-SMRT, Class D, 4.90%, 01/10/2036(c)(e) | 260,000 | 259,571 | ||||||
| ||||||||
Series 2020-420K, Class D, 3.42%, 11/10/2042(c)(e) | 1,000,000 | 753,271 | ||||||
| ||||||||
Cold Storage Trust, Series 2020-ICE5, Class E, 8.20% (1 mo. Term SOFR + 2.88%), 11/15/2037(c)(d) | 10,788,321 | 10,699,500 | ||||||
| ||||||||
Commercial Mortgage Trust, | ||||||||
Series 2019-GC44, Class 180B, 3.51%, 08/15/2057(c)(e) | 1,500,000 | 1,364,749 | ||||||
| ||||||||
Series 2020-SBX, Class D, 2.40%, 01/10/2038(c)(e) | 6,200,000 | 5,196,772 | ||||||
| ||||||||
Series 2019-GC44, Class 180C, 3.51%, 08/15/2057(c)(e) | 5,500,000 | 4,885,198 | ||||||
| ||||||||
Credit Suisse Mortgage Capital Trust, Series 2021-BHAR, Class E, 8.94% (1 mo. Term SOFR + 3.61%), 11/15/2038(c)(d) | 3,000,000 | 2,904,196 | ||||||
| ||||||||
CSMC, Series 2021-BHAR, Class C, | 170,000 | 166,940 | ||||||
|
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund |
Principal Amount | Value | |||||||
| ||||||||
GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 8.72% (1 mo. Term SOFR + 3.40%), 08/15/2039(c)(d) | $ | 10,050,000 | $ | 10,050,542 | ||||
| ||||||||
Hilton USA Trust, Series | 1,761,000 | 1,600,472 | ||||||
| ||||||||
Independence Plaza Trust, | 7,000,000 | 6,380,857 | ||||||
| ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, | ||||||||
Series 2019-UES, Class F, 4.60%, 05/05/2032(c)(e) | 558,000 | 528,643 | ||||||
| ||||||||
Series 2019-UES, Class B, 4.14%, 05/05/2032(c) | 401,000 | 387,838 | ||||||
| ||||||||
Series 2019-UES, Class C, 4.34%, 05/05/2032(c) | 116,000 | 111,602 | ||||||
| ||||||||
Series 2019-UES, Class D, 4.60%, 05/05/2032(c)(e) | 119,000 | 113,758 | ||||||
| ||||||||
Series 2019-UES, Class E, 4.60%, 05/05/2032(c)(e) | 138,000 | 131,259 | ||||||
| ||||||||
Series 2019-UES, Class G, 4.60%, 05/05/2032(c)(e) | 158,000 | 148,879 | ||||||
| ||||||||
MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 8.04% (1 mo. Term SOFR + 2.72%), 04/15/2038(c)(d) | 7,379,928 | 7,154,054 | ||||||
| ||||||||
Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 8.17% (1 mo. Term SOFR + 2.85%), 07/15/2035(c)(d) | 11,306,000 | 10,836,400 | ||||||
| ||||||||
Natixis Commercial Mortgage Securities Trust, | ||||||||
Series 2020-2PAC, Class AMZ3, 3.62%, 01/15/2037(c)(e) | 5,326,000 | 3,546,459 | ||||||
| ||||||||
Series 2020-2PAC, Class AMZ2, 3.62%, 01/15/2037(c)(e) | 800,000 | 602,209 | ||||||
| ||||||||
SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class E, 3.59%, 09/15/2039(c)(e) | 6,157,000 | 4,668,248 | ||||||
| ||||||||
STWD Trust, | ||||||||
Series 2021-FLWR, Class E, 7.36% (1 mo. Term SOFR + 2.04%), 07/15/2036(c)(d) | 4,950,000 | 4,688,082 | ||||||
| ||||||||
Series 2021-FLWR, Class F, 8.11% (1 mo. Term SOFR + 2.79%), 07/15/2036(c)(d) | 3,400,000 | 3,252,769 | ||||||
| ||||||||
Prima Capital CRE Securitization Ltd., Series 2019-RK1, Class BT, 4.45%, 04/15/2038(c) | 14,154,000 | 11,386,352 | ||||||
| ||||||||
Total Asset-Backed Securities |
| 122,368,561 | ||||||
| ||||||||
Shares | ||||||||
Preferred Stocks–7.06% |
| |||||||
United States–7.06% |
| |||||||
American Homes 4 Rent, 5.88%, Series G, Pfd. | 84,200 | 1,990,488 | ||||||
| ||||||||
American Homes 4 Rent, 6.25%, Series H, Pfd. | 200,100 | 4,938,468 | ||||||
| ||||||||
DiamondRock Hospitality Co., 8.25%, Pfd. | 168,578 | 4,383,028 | ||||||
| ||||||||
Eagle Hospitality Properties Trust, Inc., 8.25%, Series A, Pfd.(f) | 195,800 | 0 | ||||||
| ||||||||
National Storage Affiliates Trust, 6.00%, Series A, Pfd. | 243,300 | 5,673,756 | ||||||
| ||||||||
Pebblebrook Hotel Trust, 6.38%, Series E, Pfd. | 223,861 | 4,530,947 | ||||||
|
| Shares | Value | ||||||
| ||||||||
United States–(continued) |
| |||||||
Pebblebrook Hotel Trust, 6.30%, Series F, Pfd. | 173,676 | $ | 3,503,045 | |||||
| ||||||||
SITE Centers Corp., 6.38%, Series A, Pfd. | 214,100 | 4,924,300 | ||||||
| ||||||||
UMH Properties, Inc., 6.38%, Series D, Pfd. | 566,800 | 12,469,600 | ||||||
| ||||||||
Total Preferred Stocks (Cost $48,036,043) |
| 42,413,632 | ||||||
| ||||||||
Principal Amount | ||||||||
U.S. Dollar Denominated Bonds & Notes–3.34% |
| |||||||
France–0.30% |
| |||||||
WEA Finance LLC, 2.88%, 01/15/2027(c) | $ | 2,000,000 | 1,764,818 | |||||
| ||||||||
United States–3.04% |
| |||||||
RLJ Lodging Trust L.P., | 4,000,000 | 3,730,099 | ||||||
| ||||||||
SBA Communications Corp., | 2,000,000 | 1,884,148 | ||||||
| ||||||||
3.13%, 02/01/2029 | 9,698,000 | 8,453,656 | ||||||
| ||||||||
VICI Properties L.P./VICI Note Co., Inc., | ||||||||
4.25%, 12/01/2026(c) | 1,500,000 | 1,414,270 | ||||||
| ||||||||
4.50%, 01/15/2028(c) | 3,000,000 | 2,787,585 | ||||||
| ||||||||
18,269,758 | ||||||||
| ||||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $19,945,026) |
| 20,034,576 | ||||||
| ||||||||
Municipal Obligations–1.25% |
| |||||||
United States–1.25% |
| |||||||
New York City Housing Development Corp., | 7,735,000 | 7,508,726 | ||||||
| ||||||||
Shares | ||||||||
Money Market Funds–4.83% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(g)(h) | 10,144,716 | 10,144,716 | ||||||
| ||||||||
Invesco Liquid Assets Portfolio, | 7,245,184 | 7,248,806 | ||||||
| ||||||||
Invesco Treasury Portfolio, Institutional Class, 5.28%(g)(h) | 11,593,961 | 11,593,961 | ||||||
| ||||||||
Total Money Market Funds |
| 28,987,483 | ||||||
| ||||||||
TOTAL INVESTMENTS IN SECURITIES | 597,603,313 | |||||||
| ||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds–0.12% |
| |||||||
Invesco Private Government Fund, 5.32%(g)(h)(i) | 199,121 | 199,121 | ||||||
| ||||||||
Invesco Private Prime Fund, 5.55%(g)(h)(i) | 511,690 | 511,895 | ||||||
| ||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 711,016 | ||||||
| ||||||||
TOTAL INVESTMENTS IN |
| 598,314,329 | ||||||
| ||||||||
OTHER ASSETS LESS LIABILITIES–0.38% |
| 2,252,133 | ||||||
| ||||||||
NET ASSETS–100.00% | $ | 600,566,462 | ||||||
|
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund |
Investment Abbreviations:
Pfd. | – Preferred | |
RB | – Revenue Bonds | |
REIT | – Real Estate Investment Trust | |
SOFR | – Secured Overnight Financing Rate |
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at November 30, 2023. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2023 was $132,065,333, which represented 21.99% of the Fund’s Net Assets. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2023. |
(e) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on November 30, 2023. |
(f) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(g) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023. |
Value August 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value November 30, 2023 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 9,655,129 | $ 10,731,108 | $ (10,241,521) | $ - | $ - | $10,144,716 | $150,556 | |||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 6,895,829 | 7,665,077 | (7,315,372) | 2,818 | 454 | 7,248,806 | 110,464 | |||||||||||||||||||||
Invesco Treasury Portfolio, Institutional Class | 11,034,434 | 12,264,123 | (11,704,596) | - | - | 11,593,961 | 171,875 | |||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Private Government Fund | 728,598 | 22,803,324 | (23,332,801) | - | - | 199,121 | 48,884 | * | ||||||||||||||||||||
Invesco Private Prime Fund | 1,873,540 | 50,854,615 | (52,218,995) | 50 | 2,685 | 511,895 | 132,003 | * | ||||||||||||||||||||
Total | $30,187,530 | $104,318,247 | $(104,813,285) | $2,868 | $3,139 | $29,698,499 | $613,782 |
* | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(h) | The rate shown is the 7-day SEC standardized yield as of November 30, 2023. |
(i) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund |
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2023
(Unaudited)
NOTE 1–Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |||
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |||
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of November 30, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments in Securities | ||||||||||||||||
| ||||||||||||||||
Australia | $ | – | $ | 14,399,144 | $– | $ | 14,399,144 | |||||||||
| ||||||||||||||||
Belgium | – | 3,247,063 | – | 3,247,063 | ||||||||||||
| ||||||||||||||||
Canada | 22,543,824 | – | – | 22,543,824 | ||||||||||||
| ||||||||||||||||
Cayman Islands | – | 11,386,352 | – | 11,386,352 | ||||||||||||
| ||||||||||||||||
France | – | 1,764,818 | – | 1,764,818 | ||||||||||||
| ||||||||||||||||
Germany | – | 24,340,306 | – | 24,340,306 | ||||||||||||
| ||||||||||||||||
Hong Kong | – | 24,182,290 | – | 24,182,290 | ||||||||||||
| ||||||||||||||||
Japan | – | 28,409,229 | – | 28,409,229 | ||||||||||||
| ||||||||||||||||
Singapore | – | 5,898,433 | – | 5,898,433 | ||||||||||||
| ||||||||||||||||
United Kingdom | – | 28,666,964 | – | 28,666,964 | ||||||||||||
| ||||||||||||||||
United States | 267,016,714 | 136,760,693 | 0 | 403,777,407 | ||||||||||||
| ||||||||||||||||
Money Market Funds | 28,987,483 | 711,016 | – | 29,698,499 | ||||||||||||
| ||||||||||||||||
Total Investments | $ | 318,548,021 | $ | 279,766,308 | $0 | $ | 598,314,329 | |||||||||
|
Invesco Global Real Estate Income Fund |